Thursday, September 21, 2023

Decentralized Bluesky Twitter Project Is Unaffected By Musk’s Purchase

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The decentralized Bluesky Twitter project remains unaffected by Musk’s purchase, still remaining a company that is aiming to develop a decentralzied standard for social media so let’s read more today in our latest Cryptocurrency news.

Back in 2019, Dorsey was still CEO of Twitter and he set in motion a plan to develop an open and decentralized standard for social media that will explore elements of web3 and crypto. The effort came to be called Bluesky and gained steam in 2021 with an ecosystem review of decentralized social media apps and the appointment of Zcash veteran developer Jay Grabber as the lead. Today, the decentralized BlueSky Twitter proejct clarified that Musk’s purchase hasn’t really affected their platform. The platform clarified that it is independent of a social media site that was a public benefit limited liability company since February:

“The ‘public benefit’ part of our structure gives us the freedom to put our resources towards our mission without an obligation to return money to shareholders. The company is owned by the team itself, without any controlling stake held by Twitter.”

According to Bluesky where Dorsey remained a board member and has $13 million in funding to ensure that they have the freedom and independence to get started on the R&D. in other words, it is beyond Musk’s reach even though the Tesla CEO paid $44 billion for Twitter and has plans to improve if from removing the minimizing content moderation to introduce crypto payments. BlueSky took inspiration from plenty of crypto projects including IPFS as a protocol that allows for P2p file sharing to the Basic Attention token which incentivizes the Brave browser readers to watch ads.

Dorsey is a BTC maximalist and it is focused on Block but he did oversee the Cash app’s incorporation of BTC purhcases and greenlit a decentralzied exchange that uses BTC. The company is developing BTC mining rigs as well and by contrast, Musk really supported BTC when Tesla purchased $1.5 billion in BTC for its books while he worked with the blockcahin developers to make it into payment networks that surpass BTC. However, BLueSky’s message is clear and it will work towards its vision of durable protocol for public conversation no matter who is in charge.

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